A number of homeowners who are facing foreclosures and are about to lose their properties to Philadelphia home auctions were allegedly targeted by Gennaro Rauso, former owner of D&B Property Investors, a firm that specializes in providing real estate management services.
According to information filed against Rauso, the former owner of D&B allegedly took advantage of homeowners who were facing the possibility of losing their homes to Pennsylvania foreclosure auctions by offering services that were supposed to help them retain their properties. Documents filed against Rauso claimed that this was not actually true and that the 46-year-old man actually used homeowners to take money from mortgage lenders.
Allegations against Rauso claimed that he targeted homeowners who were about to lose their properties to a foreclosed home auction and offered them assistance in fighting mortgage lenders, while rebuilding their credit status at the same time. The scheme was allegedly run between 2005 and 2008.
In addition to these claims, he supposedly told homeowners who already lost their properties to Philadelphia home auctions and to foreclosures in other areas of the state that he can help them stay in their homes for more than a year even though their properties have already been auctioned off.
Once homeowners accept the offer, Rauso allegedly asked them to transfer their home titles to his name for a certain amount of fee. He then presented them with a lease document that they would need to sign so that they can be tenants in their own homes but had to pay rent to Rauso himself. He allegedly delayed the process of foreclosure by using various strategies, including filing petitions for federal bankruptcies. While the foreclosure is being held back, he continues to collect rent from the troubled homeowners.
Local authorities have stated that Rauso had spent nine years in prison for a drug-related charge. They revealed that numerous complaints have been filed against him before, but there was never enough evidence so he was never charged. Recently, Rauso's scheme of taking advantage of homeowners facing the possibility of losing their homes to Philadelphia home auctions and to foreclosures in other areas of Pennsylvania has merited enough proof for a charge.
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